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Hiring a South Carolina Bankruptcy Lawyer

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Filing bankruptcy in South Carolina is an important decision; one that should not be made without first contacting a South Carolina Bankruptcy attorney. Lawyers in South Carolina understand bankruptcy laws and can help stop harassing creditor calls, home foreclosures, bank account levies and property repossession.

Filing a South Carolina Bankruptcy may allow you to either discharge most of your qualifying unsecured debt through Chapter 7 Bankruptcy or create a new debt repayment schedule through Chapter 13 Bankruptcy.

Bankruptcy in South Carolina may not be the best option for all debtors. South Carolina Chapter 7 Bankruptcy or a South Carolina Chapter 13 Bankruptcy may have serious long-term financial consequences. Contact a South Carolina Bankruptcy Lawyer who can help determine if bankruptcy is right for you.



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Filing Chapter 7 Bankruptcy in South Carolina

South Carolina Bankrutpcy Attorney

Changes to bankruptcy laws have made it more difficult for many debtors to file Chapter 7 Bankruptcy in South Carolina, but if you can file a South Carolina Chapter 7 Bankruptcy it is generally the simplest, fastest and easiest way to immediately discharge some types of unsecured debts.

Under a South Carolina Chapter 7 Bankruptcy, a court-appointed trustee will liquidate and sell your non-exempt assets and distribute the money from the sale to repay your creditors in priority order.



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Chapter 7 Means Testing In South Carolina

Do you know if you can file a South Carolina Bankruptcy?

South Carolina bankruptcy attorneys can review your financial information and complete necessary Chapter 7 Bankruptcy means test.

The Chapter 7 Bankruptcy means test is a two part process which first evaluates the filer's median income to determine if it is below the average income compared to other families of similar size in their state. If the debtor's income is below the median average for South Carolina, they generally can file a South Carolina Chapter 7 Bankruptcy. If not, additional means testing must be completed.

The Median income for South Carolina beginning March 15, 2011, for a single wage earner was $37,055. For a two person family it was $50,500 and for a family of three it was $52,738. For a family of four it was $63,074.

The next step in the South Carolina Chapter 7 Bankruptcy means test is to calculate the debtor's disposable income by subtracting certain allowable expenses from their income. If the debtor's disposable income for the next 5 years is less than $6,000 or $100 per month, they may file a South Carolina Chapter 7 Bankruptcy.

If the debtor's income disposable income, over the next 5 years, is more than $10,000, the debtor may be forced to file a South Carolina Chapter 7 Bankruptcy. There may be a question if the debtor's disposable income is estimated to be between $6,000 and $10,000 and additional calculations are required. For instance, a bankruptcy lawyer can calculate if the debtor's disposable income over the next 5 years is greater than 25% of their unsecured, non-priority debts. If it is, the debtor may have to file Chapter 13 Bankruptcy in South Carolina.



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Chapter 13 Bankruptcy in South Carolina

If a debtor cannot file Chapter 7 Bankruptcy in South Carolina, they may be allowed to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy in South Carolina allows debtors to repay certain qualifying debts over a 3 to 5 year payment period. Debtors may also be able to negotiate more favorable debt payments within the Chapter 13 South Carolina debt repayment plan.

Who can file Chapter 13 Bankruptcy in South Carolina? Most individuals, including the self-employed or those operating an unincorporated business, may file Chapter 13 Bankruptcy as long as their unsecured debt is less than $360,475 and their secured debt is less than $1,081,400 (11 U.S.C. § 109(e)).

Many debtors fear that all of their assets will be liquidated or they will not have enough resources to start over after completing bankruptcy. State and federal laws have been created to help debtors, and these rules called "exemptions" determine what assets are excluded.

South Carolina bankruptcy laws require the filer to use only South Carolina state exemptions.



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What debts are not discharged by filing a South Carolina Bankruptcy?

Many filers believe that all debts are discharged by filing bankruptcy in South Carolina. Unfortunately, this is not true. It is important to discuss your assets with a South Carolina Bankruptcy lawyer to determine what assets may not be discharged. Filing bankruptcy in South Carolina will not discharge the following types of debts:

  • -Debts for personal injuries (including driving while intoxicated by drugs or alcohol)
  • -Student loans (exceptions may be made if you can prove that there would be an undue hardship if it was repaid)
  • -Fines or penalties for any criminal offenses, including traffic fines
  • -Income tax debts (from the past 3 years)
  • -Debts omitted from the bankruptcy documents
  • -Child support or spousal support payments

Debts not discharged by filing a South Carolina Chapter 7 Bankruptcy case (if the creditor challenges the discharge)

  • -Debts incurred from larceny, breach of trust or embezzlement
  • -Debts from the malicious or willful injury of another person or their property
  • -Credit purchases of $1,150 or more for luxury goods or services within 60 days of filing Chapter 7 Bankruptcy in South Carolina
  • -Debts incurred from fraud
  • -Debts owed from a divorce decree or settlement (may be discharged if the court determines the benefit you would receive by the discharge outweighs the detriment to your ex-spouse)




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